Deep Track Capital LP Has $19.60 Million Holdings in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Deep Track Capital LP decreased its holdings in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) by 60.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,816,594 shares of the company's stock after selling 4,248,505 shares during the period. Deep Track Capital LP owned about 3.84% of Mind Medicine (MindMed) worth $19,603,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of MNMD. Marshall Wace LLP lifted its holdings in Mind Medicine (MindMed) by 9.3% during the fourth quarter. Marshall Wace LLP now owns 2,501,391 shares of the company's stock valued at $17,410,000 after purchasing an additional 213,526 shares in the last quarter. Allostery Investments LP bought a new position in shares of Mind Medicine (MindMed) during the 4th quarter worth $905,000. Wealthfront Advisers LLC bought a new position in shares of Mind Medicine (MindMed) in the 4th quarter worth $717,000. Barclays PLC boosted its position in shares of Mind Medicine (MindMed) by 203.6% in the 3rd quarter. Barclays PLC now owns 136,098 shares of the company's stock worth $775,000 after purchasing an additional 91,271 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Mind Medicine (MindMed) by 12.6% during the fourth quarter. Northern Trust Corp now owns 684,836 shares of the company's stock worth $4,766,000 after buying an additional 76,559 shares during the period. Hedge funds and other institutional investors own 27.91% of the company's stock.

Mind Medicine (MindMed) Stock Up 6.3%

Shares of MNMD stock traded up $0.39 during mid-day trading on Monday, reaching $6.54. 382,285 shares of the company were exchanged, compared to its average volume of 1,376,913. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00. The company has a market capitalization of $492.91 million, a P/E ratio of -2.89 and a beta of 2.52. Mind Medicine has a fifty-two week low of $4.70 and a fifty-two week high of $10.44. The business's 50 day simple moving average is $6.12 and its 200 day simple moving average is $6.95.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.35) earnings per share for the quarter, beating the consensus estimate of ($0.36) by $0.01. Research analysts predict that Mind Medicine will post -1.35 earnings per share for the current year.

Insider Buying and Selling at Mind Medicine (MindMed)

In related news, CEO Robert Barrow sold 21,208 shares of the business's stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total value of $142,941.92. Following the completion of the sale, the chief executive officer now owns 856,556 shares of the company's stock, valued at approximately $5,773,187.44. The trade was a 2.42% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Daniel Karlin sold 6,836 shares of the firm's stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total transaction of $46,074.64. Following the transaction, the insider now owns 446,177 shares in the company, valued at $3,007,232.98. This represents a 1.51% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 30,391 shares of company stock valued at $204,835. 2.45% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently commented on the stock. HC Wainwright restated a "buy" rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research report on Friday, March 7th. Evercore ISI began coverage on Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They issued an "outperform" rating and a $23.00 price target for the company. Chardan Capital reiterated a "buy" rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a research report on Friday. Finally, Robert W. Baird cut their price objective on Mind Medicine (MindMed) from $27.00 to $16.00 and set an "outperform" rating for the company in a research report on Friday, March 7th. Ten analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $25.11.

Mind Medicine (MindMed) Company Profile

Mind Medicine (MindMed) Inc, a clinical stage biopharmaceutical company, develops novel products to treat brain health disorders. The company's lead product candidates include MM-120, which is in phase 2 for the treatment of generalized anxiety disorder and attention deficit hyperactivity disorder; and MM-402, a R-enantiomer of 3,4-methylenedioxymethamphetamine, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.